MS - 93 Management of New and Small Enterprises

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ASSIGNMENT

Course Code                                                                      :               MS - 93

Course Title                                                                       :               Management of New and Small Enterprises

Assignment Code                                                            :               MS-93/TMA/SEM - I /2016

Coverage                                                                             :               All Blocks

Note : Attempt all the questions and submit this assignment on or before 30th April, 2016 to the coordinator of your study centre.

Question.1. What do you understand by entrepreneurial competency? Explain its role in entrepreneurship development?

Answer:Entrepreneurial competencies are the skills necessary for an entrepreneur to

·         Venture into an enterprise

·         Organize and manage an enterprise ably and competently

·         Realize the goal for which the enterprise is established

These competencies help and entrepreneur to successfully venture into an enterprise.

These can be broadly classified under the

Question.2. How can an opportunity analysis be conducted for the following:-

(a) A gift shop

Answer: Opportunities: Another step in a retail SWOT analysis is identifying key opportunities in the market. There are a myriad of opportunities a retailer may discover through both its sales force and market research. Opportunities can include an unfilled consumer need, according to quickmba.com, an online business reference site. For example, a small web design company may see an opportunity to add consulting services, if it has customers that desire it. Or a retail company may have the opportunity to purchase a smaller retailer to increase

(b) A bicycle store

Answer:Ride On Bikes is a retail bike shop located in the university district of Pullman, Washington. The company, operating from a 3,000 square foot building in prime location, is solely owned by a long time bicycle enthusiast, Rick Austin. Austin has many years of experience in the retail bicycle industry, as well as a business degree from Washington State University, where the bike shop is located.

Question.3. What are the advantages of company form of organization as compared to Proprietorship/ One Person Company and Partnership form of organization? Discuss

Answer:‘Sole’ means single whilst ‘proprietorship’ means ownership. Sole Proprietorship is a business enterprise that is owned and controlled by one person who possesses the entire authority & responsibility with respect to the business. The practical implication of such an arrangement is that an owner alone gets the entire profit but he is also personally liable.  This is so as a proprietorship is not a distinct entity unto itself, rather the business and its owner are identical. This form of business is ideally suited to businesses where the nature of the business is simple and the product’s market is small. Business with small capital

Question.4. Describe the tools of production planning and control used by a small entrepreneur.

Answer:For efficient, effective and economical operation in a manufacturing unit of an organization, it is essential to integrate the production planning and control system. Production planning and subsequent production control follow adaption of product design and finalization of a production process.

Production planning and control address a fundamental problem of low productivity, inventory management and resource utilization.

Question.5. What do you understand by family business? Explain the characteristics of family business and discuss the issues and problems of family business.

Answer:A family business is a commercial organization in which decision-making is influenced by multiple generations of a family—related by blood or marriage—who are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multigenerational dimension and family influence that create the unique dynamics and relationships of family businesses.

Family business is the oldest and most common

Question.6. Write short notes on the following:-

(a) Industrial Policy Resolution 1991

Answer:With the gradual liberalisation of the 1956 Industrial policy in the mid-eighties the tempo of industrial development started picking up. But the industry was still feeling the burden of many controls and regulations. For a faster growth of industry, it was necessary that even these impediments should be removed. The new government by ShriNarasimhaRao, which took office in June 1991, announced a package of liberalisation measures under its Industrial Policy on July 24, 1991.

The New Industrial Policy,1991 seeks to liberate the industry from the shackles of licensing system Drastically reduce the role of public sector and encourage foreign participation in India’s industrial development. The broad objectives of New

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